According to an AAP report from Brisbane, Justice Ambrose told Xstrata's barristers that while their submissions had been "very persuasive," he would reserve his decision because of the large amount of material to be considered.

The wire reported MIM's barrister David Jackson QC, as saying there was evidence of share splitting, with one example cited as 570 new shareholders emerging at the same address.

The Australian Securities and Investments Commission has condemned the practice, but according to AAP it also conceded that such a small number would not have influenced the outcome of the Xstrata takeover.

Xstrata's bid for MIM saw 58.5% of the 38,000 shareholders in approval, accounting for 89.1% of the 1.4 billion shares voted.